Outcome of Board Decisions

January 10, 2011

The London Stock Exchange

10 Paternoster SquareLondonEC4M 7LS

Dear Sir/Madam,

Sub: Outcome of decisions taken by Board of Directors

Please be informed that the Board of Directors of the Company has today approved the following:

·; in furtherance to the earlier resolutions passed in this regard, the issue of upto 5 million equity shares of the Company to M/s KBC Aldini Capital Mauritius Limited, for a price of Rs. 81/- per equity share.

·; seeking approval of the members of the Company to the aforesaid issue at an Extraordinary General Meeting scheduled to be held on February 9, 2011 at 3 P M at the registered office of the Company.

We request you to take the aforesaid intimation on record.

Thanking you

Yours truly,

For Subex Limited

Ramanathan J

Vice President-Finance & Company Secretary